Beverage Industry Market Update - Cascadia Capital€¦ · Beverage Industry Market Update Spring...

Beverage Industry Market UpdateSpr ing 2020

Table of Contents

1

I. Market Overview

II. Recent Beverage Transactions

III. Public Comparables

Appendix: Cascadia Capital Overview

2

I. Market Overview

3

Current Beverage Market Overview

As the COVID-19 pandemic spreads across the globe and most consumers remain confined to their homes, beverage consumption patterns have shifted dramatically with varying impact to suppliers across subsectors; furthermore, there remains great uncertainty as to the long-term impact this will have on the industry once restrictions are eased

Pre COVID-19 Post COVID-19

Food & Beverage DtC and E-Commerce Sales Acceleratedꟷ U.S. consumers spent $19.9 billion on food and beverage online in 2019,

up 18% from the prior year(1)

Consumer Pantry Loading with Shelf-Stable, Familiar Brandsꟷ Consumers moving away from fresh, perishable productsꟷ Shelf-stable products and familiar brands seeing big upliftꟷ At-home trend expected to persist as economy worsens

Functional Beverage Growth Buoyed by Natural Brandsꟷ Natural, shelf-stable functional beverages are showing 80% y-o-y growth,

compared to conventional brands at only 2%(6)

ꟷ The functional beverage segment is now a $137 billion global market(7)

Plant-Based Beverages Gain Momentumꟷ 30% of millennials are trying to eat more plant-based foods, and 79% of

Gen-Z consumers eat plant-based once or twice a week(4)

ꟷ The worldwide plant-based beverage market expected to grow at a CAGR of 12% to $19.7 billion by 2023(5)

Alcohol Strategics Focus on Low-No Alc Offeringsꟷ 66% of millennials are reducing their alcohol consumption(3)

ꟷ Alcohol strategics increasing investment into non-alc brandsꟷ Non-alc spirits and low ABV drinks increasing in on-premise channels

Beverage E-Commerce Sales Showing Robust Growthꟷ Beverage alcohol DtC sales up 291% for the week ended March 28(8)

ꟷ Alcohol delivery service Drizly reported orders up 3.5x(8)

ꟷ Brands that prioritized e-commerce positioned to take share

Focus on Health, Prevention and Immunity will Increaseꟷ 30% of consumers are eating healthier post-pandemic(9)

ꟷ Direct correlation of fatalities to preventable conditionsꟷ Immunity-based products in high demand

On and Own-Premise Shutdown Impacting Alcohol Suppliersꟷ Loss of high margin volumes significantly impacting profitsꟷ Thousands of craft breweries forecasted to closeꟷ Small and mid-sized brands disproportionately hit hard

Supply Chain Flexibility and Compliance will Intensifyꟷ Greater potential for plant shutdowns with COVID-19 exposureꟷ Supply-chain challenges for perishable products ꟷ Increased costs to comply with containment requirements

Hard Seltzer’s Explosive Growthꟷ The hard seltzer market generated $1.6 billion in sales in 2019, with sales

expected to reach $4.3 billion in 2020, implying 270% y-o-y growth(2)

ꟷ In January 2020, Mark Anthony outlined plans to build a $250 million production facility to keep up with demand for White Claw(2)

ꟷ Several new brands launching to challenge category leaders

Sources: (1) eMarketer, (2) Just-Drinks.com, (3) Nielsen, (4) Aramark, (5) Statista, (6) SPINS | MULO | 52 Weeks ending 10/06/19, (7) ResearchAndMarkets.com, (8) Forbes, (9) AllianceBernstein.

-60.0%

-50.0%

-40.0%

-30.0%

-20.0%

-10.0%

0.0%

10.0%

20.0%

30.0%

Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20

Beer Index Spirits Index Wine Index Non-Alc Index S&P 500

3.7%

(32.5%)

(11.4%)

(0.1%)

(38.4%)

4

LTM Beverage Stock Performance

Beverage alcohol indices have fallen dramatically during the pandemic as on-premise volumes have gone away, while the non-alcohol index has outperformed the market as consumers have been pantry-loading and eating more at home

Beer Index: AB Inbev, Heineken, Constellation Brands, Asahi Group, Kirin Holdings, Molson Coors, Carlsberg, Sapporo Holdings, The Boston Beer Company, Craft Brew Alliance.Spirits Index: Diageo, Pernod Ricard, Brown-Forman Corporation, Davide Campari-Milano, Remy Cointreau.Wine Index: Treasury Wine Estates, Vina Concha y Toro, Delegat Group, Laurent-Perrier, Andrew Peller, Crimson Wine Group, Willamette Valley Vineyards.Non-Alc Index: Nestle, Coca-Cola, PepsiCo, Monster Beverage, Suntory, National Beverage, Lassonde Industries.Source: Capital IQ, as of April 30, 2020.

Non-Alc

S&P 500

Spirits

Beer

Wine

331.5

527.1

838.4

Jan-20 Feb-20 Mar-20

5

With on-premise shut down across the globe and the movement of people severely restricted, e-commerce sales have grown exponentially in the past few weeks, and changing consumption habits may continue post-pandemic

Sources: (1) Nielsen, (2) Forbes, (3) Wine Vines Analytics, (4) IBISWorld.

▪ At-home consumption is driving e-commerce sales of alcoholic beverages, with particular strength in large format packages (1.5-liter bottles, boxed wine and 24-packs)

▪ E-commerce adoption by consumers is accelerating during the pandemic: compared to the same week in 2019, DtC sales growth for the week ending March 11 was +387%(1)

ꟷ In mid-March, online beverage alcohol platform, Drizly, reported orders up 3.5x compared to earlier in the year(2)

ꟷ Winc, a leading online wine club, saw a 578% increase in new member sign ups during the week ending March 2, adding members at an average rate of 2,102 a day, compared to the previous average of 207 new members a day (2)

▪ Brands that have made e-Commerce a recent priority have benefited greatly. Many suppliers have been steadily growing their footprint with online platforms and grocery retailer apps, while continuing to invest in building out dedicated e-commerce infrastructure

ꟷ Molson Coors invested into launching e-commerce platforms for its Blue Moon and Coors Light brands that integrates shopping capabilities into its social media ads, through Drizly and Minibar

ꟷ Amazon was an early mover in the alcohol delivery space in 2015, and Instacart expanded same-day alcohol delivery to 14 states in 2019

ꟷ E-commerce sales are expected to comprise a larger portion of consumer purchasing for the foreseeable future given the convenience, safety and ability to price shop that online ordering affords

E-Commerce is now Business Critical as At-Home Consumption Accelerates

DtC Wine Shipment Volume (3)

(millions of 9L cases)

U.S. Beverage Alcohol Online Sales (4)

$983 $1,066

$1,138 $1,211

$1,290 $1,372

2019A 2020E 2021E 2022E 2023E 2024E

($ in millions)

6

The continuing shift towards non-alcoholic, better-for-you alternatives is fueling beverage growth, with natural, low-sugar and plant-based brands outperforming overall category growth

Sources: (1) DSM Consumer Study, (2) DuPont Nutrition and Health, (3) The Good Food Institute, (4) SPINS | MULO | 52 Weeks ending 10/06/19, Capital IQ.

Notable Non-Alc Transactions

PepsiCo Acquires Rockstar Energy Drinkꟷ Provides PepsiCo with the ability to expand its

investment into additional energy drink brands,which was prohibited under prior distributionagreement with Rockstar, and widely rumoreda deal with Bang could be next.

Key Metrics

Date: Mar 2020

EV: $3.85B

EV / Revenue: NA

EV / EBITDA: NA

Spindrift Raises $30M from Undisclosed Investors

ꟷ Spindrift makes real fruit-infused sparkling water

ꟷ To date, the company has raised a total of $70Min a series of 7 funding rounds, with priorinvestors including VMG Partners and Karp Reilly

Key Metrics

Date: Mar 2020

EV: NA

EV / Revenue: NA

EV / EBITDA: NA

Constellation Invests in Karma Wellness Waterꟷ Launched in 2011, Karma markets a line of waters

that feature a push-cap technology that holds apowder that delivers vitamins and probiotics

ꟷ The transaction was the first investment in thenon-alcohol segment by Constellation

Key Metrics

Date: Feb 2020

EV: NA

EV / Revenue: NA

EV / EBITDA: NA

Shelf Stable Functional Beverage Segment ($ % Change) (4)

▪ As millennials and Gen Z come of age and increasingly prioritize their health, the functional beverage category will continue to expand due to interest in products with positive lifestyle impacts

ꟷ Long-term interest in natural foods, health and wellness has shifted demand from carbonated soft drinks to functional beverages

▪ Key attributes important to consumers are products that are free from additives, organic, low- and no- sugar, low calorie and gluten-free options

ꟷ 60% of consumers are looking to reduce sugar and choosing lower-calorie alternatives instead of full-calorie products(1)

ꟷ Functional beverages with immunity or wellness attributes are seeing robust demand due to COVID-19

▪ Retailers are adding shelf space for more plant-based items, including those that offer more protein

ꟷ 52% of U.S. consumers are eating more plant-based foods and they believe it makes them feel healthier(2)

ꟷ U.S. retail sales of plant-based foods grew 11.4% in 2019, bringing the total plant-based market value to $5 billion (3)

▪ Large alcohol strategics are capitalizing on the trends towards low- and no- alcohol, and many, such as Molson Coors, AB InBev and Constellation Brands, have invested in expanding in their non-alc portfolios in recent months

▪ Strategic CPG companies are also re-considering their DtC strategies – Clorox has added the digitally native wellness brand Nutranext to its portfolio and almost half of Coke’s sales come from theaters, vending machines, shows, musical and other events, showing a need to expand its e-commerce platform

Consumers are Demanding Healthier Functional Beverages

5%

42%

5%3%

57%

3%2%

80%

3%

Conventional Brands Natural Brands Total Category

52wks

24wks

12wks

82.5

132.1

181.8

231.4

281.0

2019A 2020E 2021E 2022E 2023E7

Uncertainty around Craft Beer Grows as Hard Seltzer Continues to Gain Share

The craft beer market, which was already slowing pre-COVID-19, is expected to see an acceleration in brewery closings, and hard seltzer will continue to take share from both craft and mainstream beer suppliers

Sources: (1) Nielsen, (2) Brewer’s Association, (3) Just-Drinks.com, (4) IWSR, (5) Cascadia estimates, Capital IQ.

Notable Beer Transactions

Constellation Invests in Press Premium Seltzerꟷ Press, which was co-founded by Amy Walberg in

2015, will sell ~1M cases of hard seltzer in 2020ꟷ The investment was part of Constellation’s

commitment to invest $100M in brands led orfounded by women by 2028

Key Metrics

Date: Jan 2020

EV: NA

EV / Revenue: NA

EV / EBITDA: NA

Kings & Convicts Acquires Ballast Pointꟷ Ballast Point, which was acquired by Constellation

for $1 billion in 2015, produced ~200K barrels in2019, down from 431K barrels in 2016

ꟷ Chicago-based Kings & Convicts produced just 600barrels in 2019

Key Metrics

Date: Dec 2019

EV: ~$50M(5)

EV / Revenue: NA

EV / EBITDA: NA

Lion Little World Beverage Acquires New Belgiumꟷ Lion Little World (which is owned by Kirin) acquired

100% of the U.S.’ third-largest craft breweryꟷ The transaction represents Lion’s first significant

craft beer investment in the U.S. and has statedplans to expand its investment in the U.S. market

Key Metrics

Date: Nov 2019

EV: $350-$400M(5)

EV / Revenue: NA

EV / EBITDA: NA

U.S. Hard Seltzer Consumption by Volume (4)

▪ Larger beer suppliers and craft brands with strong wholesale relationships have seen strong off-premise trends during the pandemic as consumers gravitate towards familiar brands during a time of uncertainty

ꟷ In the latest six-week timeframe ending April 11, total off-premise beer dollar sales grew 13%(1)

ꟷ Sierra Nevada’s portfolio-wide dollar sales were up 26% over the four weeks ending March 22, and up 14% YTD(2)

▪ The Brewer’s Association has cautioned that despite these off-premise gains, most breweries are down in sales, as many small-mid sized breweries rely upon own or on-premise sales for the majority of their revenues and profits

ꟷ A recent survey reported that most breweries may not be able to last three months under the current conditions

▪ The number of buyers of hard seltzers in March 2020 increased 400% compared to March 2019, with consumers looking to stock up through the pandemic and focusing on the gluten-free, zero-carb, low-calorie, and natural flavoring benefits that many hard-seltzer brands are highlighting(1)

▪ Hard seltzer has converted beer, wine, and vodka drinkers, and two prominent beer brands have launched new hard seltzer lines in 2020: AB InBev started marketing Bud Light Seltzer and Constellation Brands recently introduced Corona Seltzer

▪ The U.S. hard seltzer market was worth $1.6 billion in 2019 and could grow to $4.3 billion at the end of 2020, according to Cowen & Co.(3)

ꟷ Growth implies year-over-year increase of 270%, and a jump in consumption from 82.5 million cases in 2019 to 281 million cases in 2023(4)

(Millions of 9L cases)

8

Wine Sales are Stagnating, but Moving Towards E-Commerce

Americans drank less wine in 2019, the first such drop in a quarter of a century; however, the industry is rebounding with a rapid transition to at-home consumption and e-commerce

Sources: (1) IWSR, (2) Nielsen, (3) Forbes, (4) Wall Street Journal, Capital IQ.

Notable Wine Transactions

DTC Logistics Acquires 24Seven Enterpriseꟷ Through the acquisition, WineShipping (DTC

Logistics) has created the leader in beverage alcohole-commerce fulfillment with millions of square feetof temperature controlled warehouses across thecountry

Key Metrics

Date: Apr 2020

EV: NA

EV / Revenue: NA

EV / EBITDA: NA

Integrated Beverage Group Acquires Ransom Wine &Distilleryꟷ Provides IBG with a well-recognized foothold in the

high growth category of craft spiritsꟷ Ransom’s flagship whiskey, "The Emerald" has

garnered top accolades

Key Metrics

Date: Mar 2020

EV: NA

EV / Revenue: NA

EV / EBITDA: NA

LVMH Buys 55% of Château d’Esclans (Whispering Angel)ꟷ LVMH expands its portfolio of premium wines

through the acquisition of highly regarded Provence-producer Château d’Esclans, which produces thepopular Whispering Angel rose brand

Key Metrics

Date: Nov 2019

EV: NA

EV / Revenue: NA

EV / EBITDA: NA

U.S. Wine Consumption by Volume (4)

▪ The volume of wine consumed in the U.S. declined 0.9% in 2019, the first time it has fallen since 1994; the trend was ascribed to a generational shift as the number of millennials surpasses baby boomers, who drove strong demand for wine(1)

ꟷ The Wine Institute, a California trade organization, said while consumption has fallen off in recent years, it expects millennials to start drinking more wine as they get older, just as baby boomers did

▪ However, wine consumers are least sensitive to changing economic conditions, and wine sales in Nielsen measured off-premise channels grew +36.5% in the week ending March 11, compared to one year ago(2)

▪ Wine could see a boost from online shopping, with U.S. online alcohol sales forecasted to rise from $3 billion in 2019 to $13.4 billion by 2024 – sales have so far been driven by wine, which has fewer state-level restrictions than other alcoholic beverages(1)

ꟷ Consumers have shifted effectively to online wine delivery during the pandemic, and the $20-$25 price tier continues to outperform all other price tiers, in every weekly period since the beginning of March, showing less price sensitivity in at-home consumption(2)

ꟷ Online alcohol delivery platform, Minibar, has reported that wine is still the most popular category, comprising ~51% of overall sales(3)

▪ Wine logistics / e-commerce businesses are benefitting in the current market as consumers transition their beverage alcohol purchasing habits to online order and delivery platforms

(Millions of 9L cases)

353.9

358.4

365.6

371.7373.3

369.7

2014A 2015A 2016A 2017A 2018A 2019A

95 5

86

84 66

2 4 33 2

8

14

Beer Spirits Wine Non-Alc

Q2 '19 Q3 '19 Q4 '19 Q1 '209

State of the Beverage M&A Market

While the appetite for beverage M&A and investment activity remained robust through early 2020, we anticipate a significant slowdown in the near-term as valuations have declined and many investors and strategics are focused on managing issues with their current portfolios

Sources: Capital IQ, Pitchbook, Publicly available information.

▪ Expect a near-term pause in market activity through Q2 2020 corresponding to the economic shutdown from COVID-19, rebounding through the remainder of the year as most pundits expect a V-shaped recovery

▪ Beverage sector resiliency will attract a broad set of investors and acquirors in the long-term as a premium will be placed on economic inelasticity

ꟷ Company’s that can demonstrate strong performance through this cycle will likely be able to close transactions as the market rebounds, without having to adjust trailing performance

▪ Expect to see a widening standard deviation for sector valuations as the performance disparity widens

ꟷ Ready-to-drink formats in the non-alc sector (particularly those with wellness attributes) continue to see interest as investors are aligning with consumer trends. Middle market transactions will drive volume accompanied by few large deal outliers

ꟷ We expect to see a rebound in beer transaction volumes, but a degradation in valuations as the segment sees a flurry of closures. Those with strong balance sheets can be aggressive in building a portfolio of brands

▪ Private and growth equity have remained optimistic through this period and look to pursue new acquisitions and investments as soon as practical

ꟷ Look to see more activity upstream in contract manufacturing and ingredient inputs by those who wish to play sectors rather than brands

Trailing Four-Quarters Beverage Transactions by Category

(as of 4/30/20)

Beer Total: 24 Spirits Total: 17 Wine Total: 21 Non-Alc Total: 31

10

II. Recent Beverage Transactions

Recent Beverage Transactions

11Source: Capital IQ, Company press releases.

($ in millions, except per share data) Transaction Industry EV / EV /

Date Target Name Acquiror Name Type Class Amount Raised Revenue EBITDA

04/06/2020 Pack n' Ship Direct WineShipping LLC Merger/Acquisition Wine NA NA NA

04/02/2020 Cascade Brewing Local Investor Group Merger/Acquisition U.S. Craft NA NA NA

03/13/2020 Diamond Creek Vineyards Maison Louis Roederer Merger/Acquisition Wine NA NA NA

03/11/2020 Rockstar Energy Pepsico, Inc. Merger/Acquisition Non-Alc $3,850.0 NA NA

03/05/2020 Ransom Wine Co. Integrated Beverage Group Merger/Acquisition Wine NA NA NA

03/05/2020 Spindrift Various Investors Private Placement Non-Alc $30.0 NA NA

02/27/2020Valley of the Moon Winery and

Lake Sonoma WineryBundschu Company Merger/Acquisition Wine NA NA NA

02/24/2020 Sandbanks Winery Arterra Wines Merger/Acquisition Wine NA NA NA

02/20/2020 Karma Wellness Water Constellation Brands Private Placement Non-Alc NA NA NA

02/19/2020 Dante Robino AB InBev Merger/Acquisition Wine NA NA NA

02/13/2020 Flo Beverages Kona Gold Merger/Acquisition Non-Alc NA NA NA

02/10/2020 Trident Beverage Ronnoco Coffee Company (Huron Capital) Merger/Acquisition Non-Alc NA NA NA

02/03/2020 Sprecher Brewing Company Local Investor Group (Led by Sharad Chadha) Merger/Acquisition U.S. Craft NA NA NA

01/31/2020 S&D Coffee and Tea Westrock Coffee Company Merger/Acquisition Non-Alc $405.0 NA NA

01/30/2020 PRESS Constellation Brands Private Placement Hard Seltzer NA NA NA

Recent Beverage Transactions (cont.)




01/28/2020 Niven Family Wine Estates WX Brands Merger/Acquisition Wine NA NA NA

01/28/2020 Edrington Suntory Holdings Private Placement Spirits NA NA NA

01/28/2020 Goodridge & Williams Labatt Breweries of Canada Merger/Acquisition Spirits NA NA NA

01/23/2020 Limitless Keurig Dr Pepper Merger/Acquisition Non-Alc NA NA NA

01/22/2020 Atwater Brewing Molson Coors (Tenth & Blake) Merger/Acquisition U.S. Craft NA NA NA

01/22/2020 Flora Springs Winery Château Smith Haut Lafitte Merger/Acquisition Wine NA NA NA

01/15/2020 Califia FarmsQatar Investment Authority, Temasek, Claridge,

Green Monday VenturesPrivate Placement Non-Alc $225.0 NA NA

01/13/2020 Dunn's River Brands Purity Organic Merger/Acquisition Non-Alc NA NA NA

01/13/2020 Primo Water Cott Corporation Merger/Acquisition Non-Alc $775.0 0.4x 2.4x

01/10/2020 Bonny Doon Vineyard WarRoom Ventures Merger/Acquisition Wine NA NA NA

01/09/2020 Lion Beverages Encore Consumer Capital Merger/Acquisition U.S. Craft NA NA NA

01/09/2020 ClearWater Cott Corporation Merger/Acquisition Non-Alc NA NA NA

01/07/2020 Fairlife Coca-Cola Co. Merger/Acquisition Non-Alc NA NA NA

01/06/2020 Ritual Zero Proof Diageo (Distill Ventures) Private Placement Non-Alc NA NA NA

01/06/2020 OWYN Powerplant Ventures Private Placement Non-Alc $7.5 NA NA





12/12/2019 Glendalough Distillery (60% stake) Mark Anthony Brands Merger/Acquisition Spirits $22.2 NA NA

12/04/2019 Ballast Point Kings & Convicts Brewing Merger/Acquisition U.S. Craft $50.0 NA NA

11/29/2019 Château d’Esclans (Whispering Angel) LVMH Merger/Acquisition Wine NA NA NA

11/25/2019 Flying Embers Ecosystem Integrity Fund / PowerPlant Ventures Private PlacementHard

Kombucha$25.0 NA NA

11/20/2019 Bold Rock Cider Artisinal Brewing Ventures Merger/Acquisition Cider NA NA NA

11/19/2019 New Belgium Brewing Kirin / Lion Little World Merger/Acquisition U.S. Craft $375.0 NA NA

11/19/2019 Pahlmeyer Winery E&J Gallo Merger/Acquisition Wine NA NA NA

11/18/2019 Stillhouse Spirits Bacardi Limited Merger/Acquisition Spirits NA NA NA

11/18/2019 L.A. Libations (49% stake) Molson Coors Private Placement Non-Alc NA NA NA

11/11/2019 Craft Brew Alliance Anheuser-Busch InBev Merger/Acquisition U.S. Craft $320.0 1.6x 30.0x

10/30/2019 Sun-Rype Products Lassonde Industries Merger/Acquisition Non-Alc $80.0 0.5x 8.9x

10/15/2019 Domaine de L'Ile Chanel Inc. Merger/Acquisition Wine NA NA NA

10/15/2019 Balo Vineyards Jackson Family Wines Merger/Acquisition Wine NA NA NA

10/11/2019 Aspen Brewing / Laurelwood Brewing Legacy Breweries Merger/Acquisition U.S. Craft NA NA NA

10/11/2019 Cocktail Crate Traverse City Whiskey Co. Merger/Acquisition Non-Alc NA NA NA





09/24/2019 Haynes Vineyard Gaylon Lawrence Merger/Acquisition Wine $12.5 NA NA

09/23/2019 Owen Roe Vintage Wine Estates Merger/Acquisition Wine NA NA NA

09/18/2019 Cameron's Coffee Grupo Nutresa S.A. Merger/Acquisition Non-Alc $113.0 1.6x NA

09/17/2019 Azunia Tequila Eastside Distilling Merger/Acquisition Spirits $16.2 4.6x NA

09/10/2019 Rochester Mills Production Brewery Lighthouse Strategies Merger/Acquisition U.S. Craft NA NA NA

09/09/2019 AQUAhydrate The Alkaline Water Company Merger/Acquisition Non-Alc NA NA NA

09/04/2019Vintage Wine Estates 366 acre Napa vineyard

(sale leaseback)Gladstone Land Corp Merger/Acquisition Wine $32.0 NA NA

08/29/2019 Founders Brewing Co. (additional 60% stake) Mahou San Miguel Merger/Acquisition U.S. Craft NA NA NA

08/21/2019 Icelandic Glacial (debt & equity) BlackRock, Existing Investors Private Placement Non-Alc $66.0 NA NA

08/12/2019 Castle Brands Pernod Ricard SA Merger/Acquisition Spirits $276.1 3.1x NA

08/12/2019Black Velvet, MacNaughton, McMasters and

SchenleyHeaven Hill Distilleries, Inc. Merger/Acquisition Spirits $266.0 4.0x NA

08/07/2019 Platform Beer Co Anheuser-Busch InBev Merger/Acquisition U.S. Craft NA NA NA

08/07/2019 Seedlip (majority stake) Diageo plc Merger/Acquisition Spirits NA NA NA

08/05/2019 Firestone & Robertson Pernod Ricard SA Merger/Acquisition Spirits NA NA NA

08/01/2019 Temple Tumeric Natur International Corp. Merger/Acquisition Non-Alc NA NA NA





07/31/2019 Argo Brewery (40% stake) Bavaria N.V. Merger/Acquisition Int'l Brewer NA NA NA

07/27/2019 Inverroche Distillery Pernod Ricard SA Merger/Acquisition Spirits NA NA NA

07/23/2019 Montanya Distillers (minority stake) Constellation Brands, Inc. Private Placement Spirits NA NA NA

07/19/2019 Carlton & United Breweries (ABI Australia) Asahi Merger/Acquisition Int'l Brewer $11,274.8 NA 14.9x

07/16/2019 Health-Ade Coca-Cola Co. Private Placement Non-Alc $20.0 NA NA

07/15/2019 Hop Stuff Brewery Molson Coors Brewing Company Merger/Acquisition Int'l Brewer NA NA NA

07/15/2019 Barr Hill (growth equity) Undisclosed Private Placement Spirits NA NA NA

07/11/2019 Jones Soda Heavenly Rx Private Placement Non-Alc $9.0 NA NA

07/10/2019 Bodeboca S.L. Pernod Ricard SA Merger/Acquisition Wine $11.3 1.0x NA

07/09/2019 Nutpods VMG Partners, CircleUp, Sidekick Fund Private Placement Non-Alc $33.6 NA NA

06/28/2019 Babe Rose (remaining majority stake) ZX Ventures Merger/Acquisition Wine NA NA NA

06/25/2019 Bragg Live Food Products Dragoneer Investment, Swander Pace Capital Merger/Acquisition Non-Alc NA NA NA

06/21/2019 Wildwood Vineyard Gaylon Lawrence Merger/Acquisition Wine $25.0 NA NA

06/21/2019 Project Juice, Beaming Wellness Superfood Holdings, Equity38 Merger/Acquisition Non-Alc NA NA NA

06/14/2019 Rabbit Hole Spirits Pernod Ricard SA Merger/Acquisition Spirits NA NA NA





06/10/2019 Big Rig Restaurants / Big Rig Brewery Foodtastic Merger/Acquisition Int'l Craft NA NA NA

06/10/2019 Fords Gin Brown-Forman Merger/Acquisition Spirits $22.0 NA NA

06/07/2019 Oedipus Heineken NV Private Placement Int'l Craft NA NA NA

06/06/2019 Hart Dairy Alium Capital Management Private Placement Non-Alc $10.0 NA NA

05/21/2019 Kiju Organic Brands Zurban Beverages Merger/Acquisition Non-Alc $6.0 NA NA

05/17/2019 Zola Caliva Merger/Acquisition Non-Alc NA NA NA

05/16/2019 Domaine Select Wine & Spirits Hill Flynn Merger/Acquisition Wine NA NA NA

05/09/2019 Dogfish Head Brewing Boston Beer Co. Inc. Merger/Acquisition U.S. Craft $300.0 2.5x 12.5x

05/06/2019 Schlafly (The Saint Louis Brewery, Inc.) David Schlafly Merger/Acquisition U.S. Craft NA NA NA

05/03/2019 Iron Corral Vineyards (186 acres planted) Hess Family Wine Estates Merger/Acquisition Wine NA NA NA

05/02/2019 Nelson's Green Brier Distillery (majority stake) Constellation Brands, Inc. Merger/Acquisition Spirits NA NA NA

04/29/2019 Wild Rose Brewing Sleeman Breweries Ltd. Merger/Acquisition Int'l Craft NA NA NA

04/22/2019 Weyerbacher Brewing 1518 Holdings LLC Merger/Acquisition U.S. Craft NA NA NA

04/19/2019 Calidad Beer (minority) Various Investors Private Placement U.S. Craft NA NA NA

04/17/2019 Malfy Gin Pernod Ricard SA Merger/Acquisition Spirits NA NA NA





04/12/2019 Bolthouse Farms Butterfly Equity Merger/Acquisition Non-Alc $510.0 NA NA

04/05/2019 El Silencio Mezcal (minority stake) Constellation Brands, Inc. Private Placement Spirits NA NA NA

04/04/2019 Ninkasi Brewery Legacy Breweries Merger/Acquisition U.S. Craft $20.0 NA 8.0x

04/03/2019 Q Drinks Eurazeo Private Placement Non-Alc $40.0 NA NA

04/03/201930 Wine Brands And 6 Winemaking Facilities of

ConstellationE&J Gallo Merger/Acquisition Wine $1,100.0 NA 4.2x

04/02/2019 Avery Brewing (additional 40% stake) Mahou San Miguel Merger/Acquisition U.S. Craft NA NA NA

All

Max $11,274.8 4.6x 30.0x

Median $40.0 1.6x 8.9x

Mean $616.0 2.1x 11.6x

Min $6.0 0.4x 2.4x

Merger/Acquisition

Max $11,274.8 4.6x 30.0x

Median $113.0 1.6x 8.9x

Mean $863.6 2.1x 11.6x

Min $6.0 0.4x 2.4x

Private Placement

Max $225.0 NA NA

Median $27.5 NA NA

Mean $46.6 NA NA

Min $7.5 NA NA

III. Public Comparables

18

($ in millions, except per share data) Price Market Enterprise LTM Revenue Growth LTM Margins P/E EV / Revenue EV / EBITDA

Company 4/30/2020 Cap Value Revenue EBITDA 1 Year 3 Years Gross EBITDA Multiple LTM NTM LTM NTM

Beer

Anheuser-Busch InBev $45.82 $89,770 $191,683 $51,012 $20,037 (1.3%) 4.8% 61.1% 39.3% 15.3x 3.8x 4.1x 9.6x 11.1x

Heineken N.V. 84.91 48,852 66,787 26,221 6,161 6.6% 4.9% 39.9% 23.5% 23.5x 2.5x 2.9x 10.8x 13.3x

Constellation Brands 164.69 31,293 44,300 8,344 883 2.8% 4.5% 51.4% 10.6% NM 5.3x 5.8x 50.1x 15.7x

Asahi Group Holdings 34.95 16,010 24,390 19,523 2,981 (1.5%) 7.0% 37.9% 15.3% 13.2x 1.2x 1.2x 8.2x 8.0x

Carlsberg A/S 125.93 18,679 21,958 9,666 2,179 5.4% 1.7% 49.5% 22.5% 25.3x 2.3x 2.5x 10.1x 11.2x

Kirin Holdings Company 19.42 16,223 21,881 18,142 2,637 0.6% 1.5% 43.7% 14.5% 18.0x 1.2x 1.2x 8.3x 9.4x

Molson Coors Brewing Company 41.01 8,940 18,010 10,379 2,130 (3.4%) 15.8% 37.9% 20.5% 15.0x 1.7x 1.8x 8.5x 8.6x

Tsingtao Brewery Company Limited 6.08 9,005 6,734 3,718 319 (3.9%) 0.1% 38.9% 8.6% 57.8x 1.8x 1.7x 21.1x 15.3x

Compañía Cervecerías Unidas S.A. 7.18 2,651 2,928 2,180 380 2.2% 5.3% 50.2% 17.4% 23.2x 1.3x 1.4x 7.7x 7.6x

Royal Unibrew A/S 77.29 3,801 4,217 1,129 267 4.5% 6.6% 53.0% 23.6% 28.8x 3.7x 4.0x 15.8x 17.1x

Anadolu Efes Biracilik ve Malt Sanayii Anonim Sirketi 2.63 1,557 3,783 3,336 548 24.7% 30.8% 37.2% 16.4% 10.1x 1.1x 1.1x 6.9x 6.8x

Sapporo Holdings Limited 19.30 1,503 3,774 4,597 376 (4.7%) (1.1%) 33.8% 8.2% 22.5x 0.8x 0.8x 10.0x 12.0x

HITEJINRO Co., LTD 26.83 1,828 2,670 1,676 194 7.9% 2.5% 42.8% 11.6% 100.0x 1.6x 1.5x 13.8x 10.3x

Mean 3.1% 6.5% 44.4% 17.8% 29.4x 2.2x 2.3x 13.9x 11.3x

Median 2.2% 4.8% 42.8% 16.4% 22.8x 1.7x 1.7x 10.0x 11.1x

Craft Beer

The Boston Beer Company, Inc. $466.51 $5,616 $5,658 $1,329 $215 25.7% 14.8% 48.2% 16.2% 60.7x 4.3x 3.6x 26.3x 21.9x

Mean 25.7% 14.8% 48.2% 16.2% 60.7x 4.3x 3.6x 26.3x 21.9x

Median 25.7% 14.8% 48.2% 16.2% 60.7x 4.3x 3.6x 26.3x 21.9x

All Beer

Mean 4.7% 7.1% 44.7% 17.7% 31.8x 2.3x 2.4x 14.8x 12.0x

Median 2.5% 4.8% 43.3% 16.3% 23.2x 1.8x 1.8x 10.1x 11.2x

Beer Public Comps




Large / Mid Cap Wine Producers

Constellation Brands, Inc. $164.69 $31,293 $44,300 $8,344 $883 2.8% 4.5% 51.4% 10.6% NM 5.3x 5.8x 50.1x 15.7x

Treasury Wine Estates Limited 6.64 4,777 5,731 1,894 499 7.4% 4.0% 43.4% 26.3% 19.0x 3.0x 3.1x 11.5x 11.3x

Distell Group Holdings 9.58 2,102 2,301 1,355 218 1.2% 42.4% 4.2% 16.1% 20.9x 1.7x 6.9x 10.5x 9.4x

Viña Concha y Toro S.A. 1.57 1,175 1,559 786 132 7.0% (0.1%) 36.8% 16.8% 23.0x 2.0x 1.8x 11.8x 10.6x

Delegat Group Limited 6.09 616 838 180 62 7.4% 5.4% 48.3% 34.5% 22.2x 4.7x 4.3x 13.5x 12.5x

Laurent-Perrier S.A. 84.24 499 849 272 56 0.9% 1.1% 47.4% 20.6% 20.9x 3.1x 3.2x 15.2x 16.2x

Vranken-Pommery Monopole - Société Anonyme 15.81 140 924 300 39 (8.6%) (2.9%) 30.2% 13.0% NM 3.1x 3.2x 23.7x 27.1x

Mean 2.6% 7.8% 37.4% 19.7% 21.2x 3.3x 4.0x 19.5x 14.7x

Median 2.8% 4.0% 43.4% 16.8% 20.9x 3.1x 3.2x 13.5x 12.5x

Small Cap Wine Producers

Andrew Peller Limited $6.80 $301 $431 $274 $43 (0.5%) 3.3% 43.1% 15.6% 18.2x 1.6x 1.7x 10.1x 13.1x

Sociedad Anónima Viña Santa Rita 0.17 178 283 193 25 (5.7%) (1.1%) 39.9% 12.8% 24.9x 1.5x 0.0x 11.5x 0.0x

Crimson Wine Group, Ltd. 6.00 139 139 67 (0.4) (0.9%) 1.3% 39.0% (0.6%) NM 2.1x 0.0x NM 0.0x

AdVini S.A. 20.79 80 303 292 17 3.7% 3.5% 37.4% 6.0% NM 1.0x 1.0x 17.4x 16.7x

Australian Vintage Ltd 0.27 76 163 172 20 1.1% 4.2% 28.4% 11.5% 11.6x 0.9x 0.9x 8.2x 9.1x

Willamette Valley Vineyards, Inc. 6.03 30 54 25 6 7.2% 8.4% 61.8% 23.9% 13.8x 2.2x 0.0x 9.1x 0.0x

Mean 0.8% 3.3% 41.6% 11.5% 17.1x 1.5x 0.6x 11.3x 6.5x

Median 0.3% 3.4% 39.5% 12.2% 16.0x 1.5x 0.4x 10.1x 4.5x

All Wine

Mean 1.8% 5.7% 39.3% 15.9% 19.4x 2.5x 2.5x 16.1x 10.9x

Median 1.2% 3.5% 39.9% 15.6% 20.9x 2.1x 1.8x 11.7x 11.3x

Wine Public Comps




Spirits

Diageo plc $34.65 $80,873 $99,412 $16,579 $6,098 4.9% 5.2% 61.5% 36.8% 72.5x 6.0x 6.3x 16.3x 19.0x

Pernod Ricard SA 152.17 39,992 49,245 10,361 3,299 5.6% 2.5% 61.5% 31.8% 25.0x 4.8x 5.1x 14.9x 17.3x

Constellation Brands, Inc. 164.69 31,293 44,300 8,344 883 2.8% 4.5% 51.4% 10.6% NM 5.3x 5.8x 50.1x 15.7x

Brown-Forman Corporation 62.20 28,814 30,891 3,398 1,205 2.6% 3.9% 63.4% 35.5% 45.6x 9.1x 9.3x 25.6x 24.7x

Davide Campari-Milano S.p.A. 7.73 8,878 9,740 2,016 507 7.6% 2.2% 60.9% 25.1% 35.3x 4.8x 5.3x 19.2x 22.7x

Rémy Cointreau SA 111.37 5,546 6,050 1,228 315 1.2% 1.8% 65.0% 25.6% 37.8x 4.9x 5.6x 19.2x 23.7x

Stock Spirits Group PLC 2.37 472 520 349 68 17.3% 0.0% 47.3% 19.6% 13.6x 1.5x 1.5x 7.6x 7.8x

Mean 6.0% 2.9% 58.7% 26.4% 38.3x 5.2x 5.6x 21.9x 18.7x

Median 4.9% 2.5% 61.5% 25.6% 36.5x 4.9x 5.6x 19.2x 19.0x

Spirits Public Comps




Non-Alcoholic Beverages

The Coca-Cola Company $45.89 $197,093 $231,507 $37,173 $13,530 7.1% (3.0%) 60.7% 36.4% 29.2x 6.2x 6.9x 17.1x 21.4x

Pepsico 132.29 183,552 213,642 68,158 13,496 4.9% 2.7% 55.4% 19.8% 31.0x 3.1x 3.2x 15.8x 16.3x

Dr Pepper Snapple Group 26.46 37,231 51,422 11,229 3,498 24.8% 0.0% 57.0% 31.2% 36.9x 4.6x 4.5x 14.7x 14.0x

Monster Beverage 61.81 32,546 31,245 4,201 1,488 10.3% 11.3% 60.0% 35.4% 37.9x 7.4x 7.2x 21.0x 20.7x

National Beverage 50.23 2,342 2,122 978 183 (4.0%) 7.2% 36.4% 18.7% 24.0x 2.2x 2.2x 11.6x 13.0x

Lassonde Industries 101.36 703 942 1,208 115 5.3% 3.6% 26.9% 9.5% 20.5x 0.8x 0.7x 8.2x 7.2x

A.G. BARR 6.22 691 688 322 62 (8.4%) (0.2%) 41.5% 19.4% 23.8x 2.1x 2.4x 11.0x 12.4x

New Age Beverages Corporation 1.41 120 125 254 NM NM NM 59.4% NM NM 0.5x 0.5x NM NM

Reed's, Inc. 0.55 33 41 34 NM (11.2%) (7.3%) 23.3% NM NM 1.2x 1.1x NM NM

Mean 3.6% 1.8% 46.7% 24.3% 29.0x 3.1x 3.2x 14.2x 15.0x

Median 5.1% 1.3% 55.4% 19.8% 29.2x 2.2x 2.4x 14.7x 14.0x

Non-Alcoholic Public Comps


23

Appendix: Cascadia Capital Overview

Our Firm

Founded in 1999Cascadia has a successful 20 year history

investment banking professionals

transactions completed, with more than $12.5 billion in aggregate value

50+

15360

Headquartered in Seattle, with offices in Los Angeles and New York

INDUSTRYEXPERTISE

RESULTSFOCUS

DEALVOLUME

Leading diversified investment bank

• M&A, private placements, advisory services

• Specialized in-depth expertise across multiple industry verticals

• Representing clients in the US and globally, including Europe, Asia and Australia

Experienced team with successful track record

• Cascadia is the investment bank of choice for entrepreneurs and family-owned companies

• Decades of investment banking and operational expertise

• Deep capital markets expertise

Managing Directors

24

Providing a Full Suite of Banking Services

MERGERS &

ACQUISITIONS

We have completed hundreds of M&A transactions ranging in size from $20-$500 million. Our thorough and disciplined process, in combination with our deep industry expertise, has resulted in a proven track record of delivering successful outcomes for our clients.

CORPORATE

FINANCE

We have extensive experience placing equity and debt capital ranging from $10-$250 million. We leverage our deep relationships with institutional investors; including private equity, growth equity, venture capital, family office, mezzanine and venture debt, hedge funds and BDCs.

STRATEGIC

ADVISORY

SERVICES

We provide our clients with analytical data and insights to facilitate strategic decision-making. We advise our clients on how to maximize shareholder value and then provide support for transaction implementation.

PRIVATE

CAPITAL

We listen carefully to business owners and managers and then work closely with them to custom design long-term and flexible capital solutions. Our approach resonates particularly well with family-owned and closely-held companies.

E N G A G E M E N T S I N C L U D E :

• Mergers & Acquisitions (Buy & Sell Side)

• Corporate Divestitures

• Management Buyouts

• Leveraged Buyouts

• Recapitalizations

• Partial Liquidity Events

• Private Equity Capital Raises

• Public Company Capital Raises

• Debt Financings & Restructurings

• Project Finance

• Valuations

• Fairness Opinions

• Shareholder Rights Planning

• Shareholder Value Analysis

• Strategic Alternatives Reviews

• Strategic Partnerships & Joint Ventures

• Special Situations

25

Process and Experience Deliver Results

We Differentiate Each Process With a

Customized Approach

• We are thoughtful advisors who deliver a tailored process to suit the needs of our clients

• We understand the strategies of the counterparties, enabling us to tell them why they should be interested – allowing Cascadia to drive the transaction and maximize results

Team Members Have

Deep Industry Expertise

• With bankers across multiple industry verticals, we have the experience to offer industry breadth while maintaining sector depth

• Dedicated resource model with comprehensive vertical expertise from Managing Director to Analyst

Our Experience and Approach

Drive Results

• We have experience, industry focus and a differentiated process that drives success

• Our transactions are built upon delivering the best quantitative and qualitative terms with the most desirable counterparty

$9+ billion in total M&A transactions closed in the firm’s history

$3+ billion in total capital raised in the firm’s history

26

$9+ Billion in M&A TransactionsRECENT M ERGERS & ACQU ISITIONS

27

$3+ Billion of Capital RaisedRECENT P RIVATE P L ACEM ENTS

28

Food, Beverage & Agribusiness

Senior Team

Highlights

Cascadia Capital’s Food, Beverage & Agribusiness team has 15 dedicated professionals with

extensive transaction experience and expansive coverage of strategic and financial buyers

located domestically and globally. The team maintains strong relationships with industry

leaders and holds active memberships with numerous associations and attends leading

industry trade shows across the country. In early 2018, Cascadia expanded its coverage of the

beverage sector through the merger with First Beverage Financial, the investment banking

division of First Beverage Group.

Principal Sector Focus• Agribusiness Inputs and Production

• Branded Beverage

• Beverage Technology & Equipment

• Branded Food & Nutrition

Recent Transactions

• Food Processing & Contract Manufacturing

• Food, Beverage & Agribusiness Technology

• Ingredients

• Legal Cannabis

• Seafood Processing & Aquaculture

80+ years of collective food, beverage and agribusiness experience

Strong relationships with largest domestic and international food, beverage & agribusiness strategic and private equity buyers

‐ Non-Alcohol - Craft Beer

‐ Wine & Spirits

March 2019

March 2018

Entered into a Structured Sale to

29

Cascadia’s Beverage Team

Nicole Nugent FryManaging Director

Erik EinwalterManaging Director

Broader FB&A Team

Michael ButlerChairman & CEO

Bryan JaffeManaging Director

George SentManaging Director

Scott PorterSenior Vice President

A National Leader in Food, Bev and AgM OST RECENT F OOD, BEVERAGE AND AGRIBU SINESS TRANSACTIONS

(*) Some transactions completed by Cascadia bankers prior to joining Cascadia 30

Plant-based protein beverage

brand

Project Kind

Functional beverage

manufacturer

Project Steamer

31

Since 2013, the Cascadia team has been among the most active middle market investment banks in the food & beverage sector, including 20+ transactions in the branded beverage segment

September 2016

Premium Branded Beverage Expertise

Note: Includes transactions completed by Cascadia team members while at other firms.

March 2019

March 2018

Entered into a structured sale to

Plant-based protein beverage

brand

Project Kind

Functional beverage

manufacturer

Project Steamer

Recent Case Studies

32

TRANSACTION

The Cascadia team was engaged by

C20 to find a strategic buyer who

could help the Company expand its

distribution network and provide

industry expertise to enhance

product development, leading to a

competitive process and an

eventual acquisition by Novamex.

TESTIMONIAL

“Cascadia’s team is top notch,

best in the industry…senior

level attention, while providing

profound industry knowledge

and deep focus. I would

recommend them to any close

friend or family member.”

- Ron Greene, Founder

TRANSACTION

Cascadia was engaged to run a

targeted process focused on

investment funds who met

management’s criteria and

would appropriately value the

tremendous growth opportunity.

The process garnered significant

interest, producing several term

sheets with premium valuations.

TESTIMONIAL

“Cascadia designed a process

that focused on finding us the

right partner who valued our

culture and mission, which in

turn delivered a great outcome

for all of Humm’s

stakeholders.”

- Jamie Danek, CEO

TRANSACTION

Cascadia conducted a limited

strategic market check to drive

competition and generate a

significant valuation premium for

the business, guiding the Boyd’s

team through an extensive due

diligence process.

TESTIMONIAL

“Cascadia’s diligence, tenacity

and professionalism

throughout the entire process

was instrumental in guiding our

team through this daunting

undertaking.”

- Jeffrey Newman, CEO

TRANSACTION

The Cascadia team was engaged to

pursue a strategic investor who

would complement FloWater’s

environmentally-conscious mission,

leading to a successful investment

from Bluewater and providing deep

expertise in product development

and resources to help the Company

grow.

TESTIMONIAL

“FloWater and Bluewater

make for a natural fit thanks

to our shared commitment to

end the need for single use

plastic bottles and a mutual

people-centric culture.”

- Anders Jacobson, Co-Founder

and CEO of Bluewater

TRANSACTION

Cascadia was engaged for a

targeted capital raise process.

Given the tremendous

momentum in the brand, we

were able to negotiate an

investment by leading beverage

fund CAVU Venture Partners at a

premium valuation, with a

meaningful co-investment by

Coca Cola’s VEB fund.

TESTIMONIAL

“Working with CAVU felt the

same way as working with First

Beverage: smart people

passionate, really good fit,”

Trout said. “It felt like home.”

- Daina Trout, Founder and CEO

TRANSACTION

The Cascadia team was retained

by Steaz to run a targeted sale

process with a value-added

strategic partner to help

accelerate the Company’s grow

initiatives, ultimately resulting in

a majority sale to Novamex,

which has continued to build out

its portfolio of Natural brands

since this acquisition.

TESTIMONIAL

“The Company appreciated the

guidance and assistance of the

team throughout this process

and ultimately for negotiating

such a strong and supportive

partnership.”

- Linda Barron, CEO

33

George SentManaging DirectorFood, Beverage and

Agribusiness

Industry Focus:Branded Food & Nutrition, Ingredients, Agribusiness

Inputs and Production

Recent Transactions:

Michael ButlerCo-Founder and CEOFood, Beverage and

Agribusiness

Industry Focus:Food & Agriculture,

Agribusiness Inputs and Production, Equipment

Manufacturing


Scott PorterSenior Vice PresidentFood, Beverage and

Agribusiness

Industry Focus:Agribusiness Inputs and

Production, Food Processing &

Manufacturing, Ingredients


Bryan JaffeManaging DirectorFood, Beverage and

Agribusiness

Industry Focus:Contract

Manufacturing, Branded Food, Pet


Nicole Nugent FryManaging DirectorFood, Beverage and

Agribusiness

Industry Focus:Branded Beverage,

Beverage Technology & Equipment,

Legal Cannabis


Food, Beverage & Agribusiness Leadership

Erik EinwalterManaging DirectorFood, Beverage and

Agribusiness

Industry Focus:Branded Food &

Beverage, Contract Manufacturing,

Seafood & Aquaculture


Earl Brown & Sons

Cascadia’s Beverage Team Broader Food, Beverage & Agriculture Team

Cascadia Contact Information

34

Food, Beverage & Agribusiness Leadership

Name Phone Number Email

Michael Butler, CEO & Managing Director (206) 436-2530 [email protected]

Nicole Nugent Fry, Managing Director (323) 486-8121 [email protected]

Erik Einwalter, Managing Director (206) 436-2538 [email protected]

Bryan Jaffe, Managing Director (206) 436-2534 [email protected]

George Sent, Managing Director (612) 336-4121 [email protected]

Scott Porter, Senior Vice President (206) 436-2528 [email protected]

Greg Hill, Vice President (206) 436-2584 [email protected]

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